Krungthai

The Legal Execution Department has announced the dates for auctioning off 4.3 thousand rai or approximately 6.405 million sqm of property in Samutprakarn near Suvarnabhumi airport that belonged to AQ Estate PCL., (AQ), or formerly known as Krisda Mahanakorn PCL. The public auctions of the foreclosure resulted from a court order for payments of a debt amounting 10,004 million baht to KrungThai Bank PLC (KTB) as the lender. AQ had disclosed that it received a notification by the Legal Execution Department that the property was to be auctioned over 4 sessions; with the 1st being on the 17th October, 2018, the 2nd on the 7th November, 2018, the 3rd on the 28th November 2018, and the 4th on the 19th December, 2019. The foreclosure auctioning had been held up by a request to the supreme court from Mr. Viroj Nualkhair former KrungThai Bank president, and defendant No.3 of the notorious criminal case. If everything goes accordingly, Krungthai Bank will be booking in approximately 10,004 million baht into earnings for Q4/2018, and see the end of the enormous and troublesome debt issue that has been a stressful concern of the bank for quite some time. Allegations of corruption, fraud, and misappropriation of funds led to the inquiry and subsequent convictions of several high profile politicians including former prime minister Thaksin Shinawatra who was convicted in absence, employees of the bank, the CEO and top executives of Krisda Mahanakorn, and executives of colluding companies. The trials sparked controversy over political agendas, as well as the evident flaws in the banking system. Grievances of family and friends over the 18-year jail sentencing for official misconduct of former Krungthai Bank president Mr. Viroj Nualkhair, and Krungthai Bank chairman Suchai Jaovisidha fell silent to a public obsessed with retribution of Thailand’s long association of corruption with politicians, and bankers. In total, 19 people were sentenced to imprisonment ranging from 18 - 12 years. However, the criminal investigations stemming from the loan scandal is still ongoing and is still a significant political issue. A money laundering charge connected to the fraudulent loan against former prime minister Thaksin Shinawatra’s son, Panthongtae Shinawatra is still in the reviewing process.